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Malaysia

Investment & Market Trends, News

Malaysian Trade Industry on the Rise as of March 2024, Up 5% From 2023

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KUALA LUMPUR: Malaysia’s total trade for March 2024 amounted to RM244.5 billion with exports and imports recorded RM128.6 billion and RM115.8 billion, respectively as reported by the Department of Statistics (DOSM). The total amount of trade has increased 5% year-on-year compared to RM232.7 billion in March 2023. Chief Statistician Malaysia Dato’ Sri Dr Mohd Uzir Mahidin said exports were valued at RM128.6 billion in March 2024 decreased RM1 billion (-0.8%) as compared to the same month of the previous year. The decrease in exports was attributed to the lower exports in most states such as Selangor (-RM2.1 billion), WP Labuan (-RM1.6 billion), Melaka (-RM686.2 million), Sabah (-RM443.8 million), Sarawak (-RM260.9 million), Pulau Pinang (-RM129.8 million), Negeri Sembilan (-RM118.5 million), Johor (-RM44.6 million) and Perlis (-RM27 million). However, exports increased in Perak by RM1.5 billion, WP Kuala Lumpur (+RM1.3 billion), Terengganu (+RM929.9 million), Pahang (+RM522 million), Kedah (+RM151.7 million) and Kelantan (+RM36.2 million). Pulau Pinang remained as the top exporter with 32% share, followed by Johor (20%), Selangor (16.9%), Sarawak (8.1%) and WP Kuala Lumpur (4.5%). Looking at the performance of imports by state, Mohd Uzir said imports in March 2024 increased RM12.9 billion (+12.5%) as compared to the same month in 2023. The increase in imports was attributed to the higher imports in most states such as Johor (+RM8.2 billion), Melaka (+RM1.6 billion), Negeri Sembilan (+RM1.2 billion), WP Kuala Lumpur (+RM1 billion), Selangor (+RM996.7 million), Kedah (+RM419.7 million), Pahang (+RM152.6 million), Terengganu (+RM92.1 million), Kelantan (+RM71 million), Sabah (+RM55.5 million) and WP Labuan (+RM30.3 million). However, imports decreased in Pulau Pinang by RM521.9 million, Perak (-RM393.8 million), Sarawak (-RM115.9 million) and Perlis (-RM6.8 million). Johor dominates Malaysia’s imports with a share of 27.9%, followed by Selangor (23.6%), Pulau Pinang (19.2%), WP Kuala Lumpur (7.5%) and Kedah (5%).

Investment & Market Trends, News

Fernandes: AirAsia Group to be Listed on Bursa Malaysia in September

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KUALA LUMPUR: AirAsia Group Sdn Bhd (AAG) is poised to be listed on Bursa Malaysia in September, taking over the listing status of AirAsia X Bhd, said Capital A Bhd chief executive officer Tan Sri Tony Fernandes. He said AAG is a combined airline under AirAsia Aviation Group Ltd (AAAGL), consisting of AirAsia subsidiaries in Thailand, Indonesia, the Philippines and soon Cambodia together, with AirAsia Bhd (AAB) which handles operations in Malaysia. “The merger is to streamline the operation which aims to be the largest low cost carrier in Asia with the ‘One Airline’ strategy set to transform the face of global low cost travel,” he said during the exchange ceremony of a conditional share sale and purchase agreement between Capital A and AAG, today. Fernandes said he believes the move will pave the way for Capital A to exit PN17 status after the divestment of its wholly-owned subsidiaries – AAAGL and AAB. “So the first thing is to get the circular done for this transaction which I hope will be done in two weeks. Then we have to submit it to Bursa Malaysia for approval which I hope can be done quickly. “Then we have 21 days to call for an extraordinary general meeting from both companies to approve this transaction. So once that is done, we have to get the cost to approve it for capital reduction, then we can list,” he said. Post-divestment, he said Capital A will retain four core businesses, including Capital A Aviation Services, Teleport, MOVE Digital, and Capital A International. He said AirAsia Group will be optimising their profitability with an efficient fleet model, with the company upsizing the A320s model and downsizing the A330s to A321 Neo models. Capital A announced to the stock exchange yesterday it has entered into a conditional share sale and purchase agreement with AAG to dispose of its 100 per cent equity interest in AAAGL and AAB for RM6.8 billion. Capital A also announced a proposed distribution of new ordinary shares in AAG to be received as consideration shares for the proposed AAAGL disposal of about RM2.20 billion to the entitled shareholders of the group. –BERNAMA

Investment & Market Trends, News

GFM Services Successfully Transfers to the Main Market of Bursa Securities

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KUALA LUMPUR: GFM Services Berhad (“GFM” or “the Group”), a provider of Integrated Facilities Management services, has announced the completion of the transfer of its entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). This transfer involves the listing and quotation of the Group’s total issued share capital, amounting to 759,508,350 shares in GFM. Encik Ruslan Bin Nordin, the Group Managing Director of GFM, expressed his satisfaction with the successful migration to Bursa Securities’ Main Market. He emphasized that this achievement signifies a significant milestone for GFM, reflecting its financial strength and stability, meeting the transfer criteria related to profitability, financial position, and liquidity. Nordin highlighted that being listed on the Main Market will enhance access to capital markets, especially institutional funds, and boost credibility among investors, aligning with the Group’s current scale of operations. Nordin outlined the Group’s future growth strategies, focusing on expanding its presence in the Oil and Gas facilities maintenance sector, Highway Rest and Service Areas (RSA), and exploring opportunities in the Workforce Lodging segment to address the increasing demand for proper workers’ accommodation. He expressed confidence that the transfer to the Main Market will facilitate the realization of these expansion plans. Nordin expressed gratitude to investors, customers, and business partners for their support, and recognized the contribution of GFM team members to the Group’s success. To summarize, GFM achieved its highest-ever revenue of RM145.0 million and net profit of RM27.4 million for FY2023, driven primarily by increased contributions from its Oil and Gas and Concession Arrangements divisions.

Investment & Market Trends

MKHOP Records Pre-Tax Profit of RM36 Million Ahead of Main Market Listing for Six Months Ending March 31, 2024

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MKH Oil Palm (East Kalimantan) Berhad, a forthcoming player in the oil palm plantation sector, disclosed its financial results for the second quarter (“2QFY2024”) and the initial half ended on March 31, 2024 (“1HFY2024”). This interim financial report marks the Group’s inaugural announcement in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, coinciding with its imminent initial public offering (“IPO”). In 2QFY2024, MKHOP recorded a revenue of RM86.0 million, up by 4.5% from RM82.3 million in the previous quarter (“1QFY2024”). Profit before tax surged by 26.4% to RM20.1 million compared to RM15.9 million in 1QFY2024. Net profit soared to RM16.0 million, marking a significant increase of 53.3% from RM10.4 million in 1QFY2024. The revenue growth was primarily attributed to the uptick in the average selling prices of crude palm oil (“CPO”) and palm kernel (“PK”). The average CPO price per metric ton (“MT”) rose by 4.8% to RM3,441 in 2QFY2024, while the average PK price per MT increased by 6.4% to RM1,582. Additionally, fair value gains on biological assets amounted to RM1.4 million in the current quarter, in contrast to fair value losses of RM0.1 million in the preceding quarter. For 1HFY2024, MKHOP reported a net profit of RM26.5 million on revenue of RM168.4 million. As of March 31, 2024, the Group’s cash and bank balances stood at RM89.6 million. Tan Sri Dato’ Chen Kooi Chiew @ Cheng Ngi Chong, Non-Independent Non-Executive Chairman of MKHOP, expressed satisfaction with the Group’s financial performance for 2QFY2024 and highlighted positive prospects for the remainder of the financial year, driven by anticipated supportive CPO prices. Anticipating a stronger financial performance in the upcoming financial year, Tan Sri Dato’ Chen Kooi Chiew emphasized the strategic significance of the upcoming IPO, expecting its proceeds to facilitate expansion plans and technological investments to enhance operational efficiencies and market presence, ultimately aiming at long-term value creation for shareholders. MKHOP is scheduled to debut on the Main Market of Bursa Securities on April 30, 2024, with an issue price of RM0.62 per share, resulting in a market capitalization of RM634.6 million based on an enlarged share capital of 1.02 billion shares.

Investment & Market Trends, News

Malaysia’s Inflation Stayed at 1.8% In March 2024

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KUALA LUMPUR: Since November 2023, the country’s inflation rate stood at 1.5% up until January 2024. By February, the number went up to 1.8%, which continued until last month, with the index points recorded at 132.2 as against 129.9 in the same month of the previous year.   The increase of inflation in March 2024 was driven by housing, water, electricity, gas and other fuels (3%); restaurant and accommodation services (3%); personal care, social protection and other goods and services (2.6%) and transport (1.3%). However, the increase has been offset by the other main group which recorded a slower increase namely health (2.1%); food and beverages (F&B) (1.7%) and recreation, sport and culture (1.5%). The increase of 3% (February 2024: 2.7%) in for housing, water, electricity, gas and other fuels was contributed by the expenditure class of water supply which increased to 31.4% in March 2024 (February 2024: 28.8%). Kedah has increased the water tariff rates for domestic category users starting in March 2024 as compared to other states that have implemented the new tariff rates in February 2024. The F&B group recorded a slower increase of 1.7% in March 2024 (February 2024: 1.9%). The main subgroup of food at home increased to 0.3% in March 2024 (February 2024: 0.5%). Meanwhile, the main subgroup of food away from home increased 3.5%, the same rate as registered in February 2024. Overall, monthly inflation recorded a marginal increase of 0.1% as compared to 0.5% recorded in February 2024. A few main groups that posted increases on a monthly basis were restaurant and accommodation services (0.4%); personal care, social protection and other goods and services (0.4%) as well as housing, water, electricity, gas and other fuels (0.3%). Meanwhile, inflation for the first quarter of 2024 recorded an incline of 1.7% (Q4 2023: 1.6%). For quarterly comparison, Malaysia’s inflation increased 0.7% (Q4 2023: 0.2%). Meanwhile, core inflation increased slower at 1.7% as compared to 1.8% in February 2024. The increase was due to the F&B and restaurant and accommodation services which both recorded increases of 3%respectively in March 2024. At the state level, most of the states recorded increases below the national inflation level of 1.8%. However, 5 states recorded increases above the national inflation level namely Pulau Pinang (3%), Sarawak (2.9%), Pahang (2.1%), Selangor (2.1%) and Perlis (1.9%). In comparison to inflation in other selected countries, inflation in Malaysia (1.8%) was lower than inflation in Vietnam (4%), Philippines (3.7%), United States of America (3.5%), Republic of Korea (3.1%) and Indonesia (3.1%). However, the rate is higher than China (0.1%) and Thailand (-0.5%).

Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar
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Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar

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KUALA LUMPUR, April 21 — Malaysia aims to be among the top 20 countries in global startup ecosystem index by 2030 and turn Kuala Lumpur into a regional startup and digital hub, Prime Minister Datuk Seri Anwar Ibrahim said today. He added that the two-day KL20 Summit 2024, which begins tomorrow, would be a forum to facilitate startups in high-value investments and will encourage startups to expand abroad to benefit from a complete global ecosystem. “I appreciate partnerships from venture capitalist firms and investors who are part of this summit. It’s important that government policies consider their long-term perspectives and strategies. “I stress my government’s determination to support startups through clear policies that encompass our country’s vision, strength of resources and investor perspectives,” he posted on Facebook after attending the KL20 Summit 2024 exclusive dinner. He added that the Madani Government remains committed to creating a dynamic startup ecosystem to position Malaysia as a central hub for entrepreneurship and innovation. The prime minister is slated to officiate the summit, that will take place at the Kuala Lumpur Convention Centre, tomorrow. — BERNAMA

Investment & Market Trends, News

Malaysia’s Economic Expansion Estimated at 3.9% in Q1

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PETALING JAYA: Malaysia’s economy expanded by 3.9% in the first quarter of the year according to preliminary figures released by the statistics department. This growth represents an improvement from the 3% seen in the previous quarter, which was affected by lower export activity. Chief statistician Uzir Mahidin highlighted that the services sector drove the Q1 growth, increasing by 4.4%, led by gains in wholesale and retail trade, transport and storage, and business services. The construction sector notably surged by 9.8%, largely propelled by civil engineering projects. Manufacturing rebounded with a 1.9% growth after a contraction of 0.3% in the preceding quarter. Agriculture expanded by 1.3%, supported by increased oil palm and livestock production. The mining and quarrying sector grew by 4.9% in Q1 2024, primarily due to expansion in the natural gas sub-sector. Separately, the Ministry of Investment, Trade, and Industry reported Malaysia’s highest-ever Q1 trade figures this year, with total trade increasing by 7.1% year-on-year to RM690.59 billion, resulting in a trade surplus of RM34.22 billion. Exports rose by 2.2% to RM362.41 billion, driven by higher shipments of manufactured and mining goods including iron and steel products, machinery, crude petroleum, and liquefied natural gas. Imports surged by 13.1% to RM328.19 billion, mainly due to increased imports of capital and intermediate goods for manufacturing.

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